Value of digital health market size, research overview, business opportunities, application and SWOT analysis by 2027

“Digital Health Market”

Digital Healthcare Market Analysis by Technology (Digital Health Systems, Telehealth, mHealth, and Healthcare Analytics), Application (Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology, and Others), Delivery Mode (On-Premises and cloud-based), components (software, services and hardware), end user (healthcare providers, healthcare payers, pharmaceutical companies) – Forecast to 2027

Overview of the digital health market

Digital healthcare means the use of modern IT and technology infrastructure to remotely monitor chronic diseases, teleconsultations with doctors and specialists, and health monitoring through wearable devices. The digital health market is expected to reach USD 3,28,887.8 million at 26.30% during the forecast period. There are many mobile apps for scheduling appointments, storing medical history, tracking consultations, ordering medications and more. Fitness bands and other wearables for tracking exercise, calories, nutrition and more have also hit the market in recent years. This is all about digital health.

The increasing penetration of smartphones, tablets, other mobile platforms and the Internet has led to the widespread launch and use of mobile applications for health purposes. This is an important factor driving the growth of this market. Rising demand for remote monitoring services and growth capital investments in healthcare IT infrastructure are also driving the digital healthcare market. The covid-19 pandemic has caused a widespread shift of people to digital platforms for health needs due to lockdowns and the need for social distancing. This trend is expected to continue during the forecast period.

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Concerns about the security of patient data, given the increase in cyberattacks, are restraining the growth of this market. Regulatory compliance issues are also restraining the growth of the market. Additionally, the high capital expenditure required for the installation and maintenance of IT infrastructure is another deterrent for the growth of this market.

Segmentation of the digital health market

On the basis of technology, the global digital health market is divided into mHealth, telehealth, health analytics and digital health systems. mHealth holds the largest market share, accounting for USD 56.4 billion in 2020 and the growing penetration of internet and smartphones with high prevalence of health-related apps is fueling the dominance of this segment. Additionally, healthcare providers are increasingly adopting mHealth to reach maximum patients at minimum cost.

On the basis of components, the global Digital Health Market is bifurcated into hardware, software, and services. The services segment held the largest market share in 2020, accounting for 64.58% share in 2020. Services include installation, integration, training, and upgrading of hardware and software. Rising investment in digital healthcare infrastructure leads to increased demand for services, which is driving the growth of this segment. This trend is expected to continue during the forecast period.

Digital Health Market Regional Outlook

On the basis of regions, the global Digital Health Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

North America held the largest share in the global digital health market in 2020 and is expected to dominate the market during the forecast period. Presence of highly advanced IT infrastructure, growing use of mobile health apps and other digital healthcare platforms, and high awareness of digital healthcare are major reasons for America’s dominance North.

Key players in the digital health market

Koninklijke Philips NV (Netherlands), Allscripts Healthcare LLC (USA), Qualcomm Technologies Inc. (USA), iHealth Lab Inc. (USA), Athenahealth Inc. (USA), BioTelemetry Inc. (USA), McKesson Corporation (USA), AT&T Inc. (USA), Cisco Systems Inc (USA), EClinicalWorks (USA), Cerner Corporation (USA), General Electric Company (USA), are the prominent developers of digital health services in the global market.

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Industry News

In February 2021, Philips acquired BioTelemetry Inc. The latter is an American company providing remote cardiac diagnostics and monitoring.

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